Obama urges debt compromise

Ahead of further debt negotiations with congressional leaders Sunday, President Barack Obama in his weekly address urged compromise and a “balanced approach” to paying down the national debt.

Obama cited a Twitter “town hall” he hosted at the White House on Wednesday, saying the questions submitted on the online social networking site revealed that many Americans are asking the same thing: “When will both parties in Congress come together on behalf of the people who elected them?”

Story Continued Below

That question, Obama said, is at the core of the ongoing negotiations on deficit reduction ahead as the August 2 deadline approaches. He said options on the table included domestic spending, Medicare and tax reform.

“But I also know that Republicans and Democrats don’t see eye to eye on a number of issues. And so, we’re going to continue working over the weekend to bridge those gaps,” he said.

Obama will host top congressional leaders in the Cabinet Room on Sunday. The same group also attended meetings at the White House on Thursday.

The president insisted there is still “good news” to take away from recent discussions, adding: “We agree on some of the big things.”

Defaulting on the debt is not an option, Obama said, and the two parties must “step outside their comfort zones and make some political sacrifices.”

“With a recovery that’s still fragile and isn’t producing all the jobs we need, the last thing we can afford is the usual partisan game-playing in Washington.

“I know we can do this. We can meet our fiscal challenge. That’s what the American people sent us here to do. They didn’t send us here to kick our problems down the road. That’s exactly what they don’t like about Washington. They sent us here to work together. They sent us here to get things done.”